The Consumer Price Index for June is in, and the numbers are exceedingly good compared to those over the last year. Seasonally adjusted inflation was 0.2% in June and 3.0% year over year.

Core inflation, without counting food and energy, rose 0.2% in June. That was the smallest single-month increase since August 2021. The 12-month increase not adjusted result was the smallest since March 2021 but was still at 4.8%.

As has been the case for too long, shelter costs were the largest contributor to inflation, making 70% of the increase and standing at 8.3% for renters. Another "contributing" factor according to the Bureau of Labor Statistics was motor vehicle insurance. Food costs were up 0.1%, a rate increase half that in May — food at home didn't change, but food prices out of the home increased by 0.4%. The energy index was also worth noting, as it was up 0.6% in June. Apparel, recreation, and personal care prices also rose.

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